Chicago Board of Trade soyabean futures closed lower on Monday, with moderate gains fading in a late round of profit taking, traders said. The upcoming US Department of Agriculture plantings report, set for release on Thursday, kept grains in check throughout the session. A Reuters poll of analysts produced an average estimate for soyabean stocks at 1.299 million bushels, with soyabean plantings at 76.870 million acres.
Volume in CBOT soyabeans was estimated at 103,312 contracts, down about 52 percent from its 30-day average and at its lowest point since November 26, according to data calculated by Thomson Reuters. Trading in soyameal also was thin at 37,979 contracts, its lowest daily volumes since December 31.
Paraguay's soyabean production should rise to a record 8 million tonnes this season due to favourable weather, the head of the country's biggest soya-producing group said on Monday. Drier weather in Argentina this week will boost harvest progress while rains through southern and central Brazil likely will slow harvesting but favour development of late-maturing crops.
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